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Your answer is partially correct Prepare the entry to record payment of the note at maturity (Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Sept. 1 Interest Expense Can Debit 82.000 Credit

Your answer is partially correct Prepare the entry to record payment of the note at maturity (Credit account titles are automatically indented when the amount is entered. Do not indent manually List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Sept. 1 Interest Expense Can Debit 82.000 Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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-Your answer is partially correct. Prepare the entry to record payment of the note at maturity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Notes Payable Sept. 1 Interest Payable Interest Expense Debit 82,000 Credit
Transcribed Image Text:-Your answer is partially correct. Prepare the entry to record payment of the note at maturity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Notes Payable Sept. 1 Interest Payable Interest Expense Debit 82,000 Credit
On March 1, Wildhorse Health Services Company borrows $82,000 from Indigo County Bank by signing a 6-month, 696, interest-bearing note Prepare the necessary entries below associated with the note payable on the books of Wildhorse. ✓ Your answer is correct. Prepare the entry on March 1 when the note was issued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation March 1 Notes Payable eTextbook and Media List of Accounts ✓ Your answer is correct Date Account Titles and Explanation June 30 Interest Expense Debit Prepare any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Interest Payable 82,000 Debit Credit 1,640 82,000 Credit 1,640
Transcribed Image Text:On March 1, Wildhorse Health Services Company borrows $82,000 from Indigo County Bank by signing a 6-month, 696, interest-bearing note Prepare the necessary entries below associated with the note payable on the books of Wildhorse. ✓ Your answer is correct. Prepare the entry on March 1 when the note was issued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation March 1 Notes Payable eTextbook and Media List of Accounts ✓ Your answer is correct Date Account Titles and Explanation June 30 Interest Expense Debit Prepare any adjusting entries necessary on June 30 in order to prepare the semiannual financial statements. Assume no other interest accrual entries have been made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Interest Payable 82,000 Debit Credit 1,640 82,000 Credit 1,640
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